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BANKING CURRENT AFFAIRS : OCTOBER 2017

Banking Current Affairs OCTOBER - 2017


1. Reserve Bank of India said biometric identity number chairman of the bank, which is headed by Dinabandhu
Aadhaar linkage with bank accounts is mandatory. It Mohapatra.
said that linkage of Aadhaar number to bank account is 9. The voice-operated personal assistant Alexa for
mandatory under the Prevention of Money Laundering Amazon devices, similar to Apple’s Siri or
(Maintenance of Records) Second Amendment Rules, Microsoft’s Cortana; will now be able to handle your
2017. finances. HDFC Bank’s customers who own an Alexa
2. Axis Bank-backed online platform for financing Micro, enabled device will be able to check balances, find
Small & Medium Enterprises (MSMEs) named out when bills are due, and even pay bills through
Invoicemart clocked Rs 100 crore worth of invoices Amazon’s virtual assistant in the near future.
within first 100 days of operations. 10. HDFC Bank given green signal for setting up of a
Note: TReDS is an initiative launched by the Reserve call centre cum residential training centre in Mohali
Bank of India with an aim to increase availability of district, Punjab at a cost of Rs 194 crores.
funds for MSMEs. 11. IDFC Bank has launched its 100th branch at Honnali,
SBI Life is likely to open a branch in Bahrain by the Karnataka and plans to expand its network in the
end of 2017, enabling the insurance major to make its metros in the next one year. Dr Rajiv Lall is the
maiden foray into the Middle East market. Founder MD and CEO of IDFC Bank.
3. Bain Capital is in advanced talks with Axis Bank to 12. Taimur Baig will join DBS Bank as Chief Economist
invest between $750 million and $1 billion (Rs 4,800- and Managing Director for Group Research.
6,400 crore), in what could be one of the largest private 13. India Post Payments Bank (IPPB) appointed Suresh
equity investments in the Indian banking sector. Sethi, former MD of Vodafone M-Pesa Ltd. as its
4. The Centre announced a massive boost for the banking Managing Director and chief executive officer,
sector by approving a Rs 2.11 lakh crore bank recap replacing AP Singh.
plan for the ailing sector, which includes Rs. 1.35 lakh
crore via bank recap bonds and Rs 76,000 crore from
budgetary support and market loans.
5. Jaideep Khanna will take over as the sole head of
Barclays in Asia Pacific with immediate effect.
6. Ram Gopal will take charge as CEO of Barclays Bank
in India.

14. London based Hongkong and Shanghai Banking


Corp (HSBC) has appointed Jayant Rikhye as India
CEO effective from December 1.
15. North East Small Finance Bank Limited has
commenced operations as a small finance bank.
RGVN (North East) Microfinance Limited, Guwahati
was one of the 10 applicants which was issued in-
principle approval for setting up a small finance
bank in September 2015.
7. Reserve Bank of India opened a branch in Dehradun to 16. ICICI Bank said the diaspora will be able to remit
make transactions of the state government more money home by dictating commands to handset
convenient. major Apple's virtual voice assistant Siri.
8. Former Union Bank of India chairman Debabrata 17. Banks are likely to need nearly Rs 3.3 lakh crore this
Sarkar has joined Bank of India board. Sarkar has been fiscal as provisioning for large NPA accounts in the
elected as the shareholder director in the Mumbai- current financial year as per Crisil.
based lender. Former Reserve Bank of India executive
director G Padmanabhan is the non-executive

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BANKING CURRENT AFFAIRS : OCTOBER 2017
18. Odisha government's Directorate of Treasuries and 22. RBI said that corporate borrowers having exposure
Inspection and the State Bank of India have signed of Rs. 5 crores and above will have to mandatorily
an MOU for obtain 20-digit Legal Entity Identifier (LEI) from
integration of SBI e-Pay with cyber treasury. The SBI banks, a move that is aimed at improving risk
e-Pay is the payment aggregator service wing of the management. RBI said borrowers with fund and
bank which will facilitate on line payment of non-fund exposure of Rs. 1,000 crores and above will
government dues by the customers of any public/ have to get the unique code by March 31, 2018. Those
private sector banks by using the payment gateway having exposure between Rs. 500 crores and Rs.
of SBI. 1,000 crores have to obtain the LEI code by June 30
19. Reserve Bank of India (RBI) has imposed certain and those having between Rs 100 crore and Rs 500
restriction on banking activities of government- crore by March 31, 2019. Borrowers with bank credit
owned Oriental Bank of Commerce which has between Rs 50 crore and Rs 100 crore have been
suffered huge losses due to sharp rise in bad loan. given time to comply with LEI provision by
This will be the seventh bank among the 21 PSU December 2019.
banks to be placed under restrictions. 23. Reserve Bank of India has slapped a monetary
20. Finance Minister Arun Jaitley will head the penalty of Rs 6 crore on Yes Bank and Rs 2 crore on
alternative mechanism panel set up for consolidation IDFC Bank for violating regulations issued by the
among state-run banks. The Govt. constitutes regulator. Yes Bank fined for non-compliance with
Alternative Mechanism for PSBs consolidation. the directions issued by RBI on Income Recognition
Asset Classification (IRAC) norms and delayed
reporting of information security incident involving
ATMs of the bank.
24. Unified Payments Interface, the Reserve Bank of India
promoted instant payment mechanism has shown a
more than 100% growth for the month of October
against September of this year. As per data UPI in
October showed 76.9 million transactions.
25. State Bank of India is creating a 15,000-sqft
innovation centre in Navi Mumbai investing around
Rs 100 crores.
26. IDFC Bank and Shriram Capital are set to call off
21. The government has approved the appointment of
merger talks as both sides have failed to arrive at an
executive directors (EDs) for nine public sector
acceptable valuation after four months of
banks.
negotiations and regulatory misgivings.
a) Bajrang Singh Shekhawat has been appointed
27. HDFC Bank announced that it would launch
the executive director of Central Bank of India.
SmartUp Zones in 30 cities, aimed at serving
b) Govind N Dongre will be ED of Punjab and
entrepreneurs.
Sind Bank.
c) Ajay Kumar Srivastava and Matam Venkata
Rao have been appointed EDs of Indian
Overseas Bank& Canara Bank.
d) Kul Bhushan Jain will be ED of Andhra Bank.
e) Rajesh Kumar Yaduvanshi and Chaitanya
Gayatri Chinthapalli will be EDs of Dena Bank
& Bank of India.
f) Krishnan S will be executive director of
Syndicate Bank.
g) Lingam Venkata Prabhakar will be ED of
Punjab National Bank.

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BANKING CURRENT AFFAIRS : OCTOBER 2017

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